Logo of Phnom Penh Post newspaper Phnom Penh Post - Garment exports plummet in Q4

Garment exports plummet in Q4

Garment exports plummet in Q4

Garment exports plummet in Q4

 
Cambodian garment exports plummeted 46 percent in the fourth quarter of 2007, capping off a dismal year in one of the country’s key sectors, industry officials said, while warning of future factory closures and job cuts. An economic downturn in the United States, which buys 70 percent of all Cambodian textiles, and continuing labor disputes contributed to the plunge, said Van Sou Ieng, chairman of the Garment Manufacturers’ Association of Cambodia (GMAC). Until last year, the sector had enjoyed annual growth of up to 20 percent. But export growth for all of 2007 stood at only 2.4 percent, representing $2.9 billion, Van Sou Ieng said, adding that the outlook for 2008 "surely was not good." "Definitely some factories will close, some people will lose their jobs," he said. (AFP) 

 

MOST VIEWED

  • New US bill ‘is a violation of Cambodian independence’

    After a US congressmen introduced bipartisan legislation that will enact sanctions on Cambodian officials responsible for “undermining democracy” in the Kingdom, government officials and the ruling Cambodian People’s Party on Sunday said they regarded the potential action as the “violation of independence and sovereignty

  • Angkor Wat named as the top landmark for the second year

    Travel website TripAdvisor has named Cambodia’s ancient wonder Angkor Wat as the top landmark in the world for the second year running in their Travelers’ Choice Award 2018, an achievement Cambodian tourism operators expect will attract more tourists to the Kingdom. The website uses traveller

  • Ministry’s plan for net sparks fears

    The government has ordered all domestic and international internet traffic in the Kingdom to pass through a Data Management Centre (DMC) that has been newly created by the state-owned Telecom Cambodia, in a move some have claimed is an attempt to censor government critics. Spokesman

  • Hun Sen detractors ‘will die’

    Prime Minister Hun Sen on Wednesday said those who curse or insult him would eventually die without a plot of land to bury their bodies after being killed by lightning, suffering the same fate as those who recently died in Thmar Baing district in Koh